CECAMAX: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CECAMAX
Largest movements
- Receivables within one year -€166,512
down €166,512 (-91.5%), from €182,049 to €15,537
of which Trade receivables: -€156,677
- Tangible fixed assets -€11,846
down €11,846 (-2.6%), from €459,420 to €447,574
of which Assets under construction and advance payments: -€180,940
- Trade debts -€158,596
down €158,596 (-81.9%), from €193,619 to €35,023
- Reserves -€7,839
down €7,839 (-4.7%), from €168,215 to €160,376
of which Tax-exempt reserves: -€7,839
- Debts after one year -€7,686
down €7,686 (-5.5%), from €139,673 to €131,987
- Depreciation +€21,846
new in 2025: €21,846
- Gross operating margin +€13,686
up €13,686 (+727.2%), from €1,882 to €15,568
- Other operating charges -€3,119
no longer reported in 2025 (was €3,119)
- Financial charges +€622
up €622 (+13.1%), from €4,733 to €5,355
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €641,767 | €463,415 | -€178,352 | -27.8% |
| Fixed assets | 21/28 | €459,420 | €447,574 | -€11,846 | -2.6% |
| Tangible fixed assets | 22/27 | €459,420 | €447,574 | -€11,846 | -2.6% |
| Land and buildings | 22 | €278,480 | €447,574 | +€169,094 | +60.7% |
| Assets under construction and advance payments | 27 | €180,940 | - | -€180,940 | |
| Current assets | 29/58 | €182,347 | €15,841 | -€166,506 | -91.3% |
| Amounts receivable within one year | 40/41 | €182,049 | €15,537 | -€166,512 | -91.5% |
| Trade receivables | 40 | €162,049 | €5,372 | -€156,677 | -96.7% |
| Other amounts receivable | 41 | €20,000 | €10,165 | -€9,835 | -49.2% |
| Cash at bank and in hand | 54/58 | €298 | €304 | +€6 | +2.0% |
| Total equity and liabilities | 10/49 | €641,767 | €463,415 | -€178,352 | -27.8% |
| Equity | 10/15 | €191,385 | €183,787 | -€7,598 | -4.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €168,215 | €160,376 | -€7,839 | -4.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €166,355 | €158,516 | -€7,839 | -4.7% |
| Profit (loss) carried forward | 14 | €16,970 | €17,211 | +€241 | +1.4% |
| Provisions and deferred taxes | 16 | €80,726 | €76,690 | -€4,036 | -5.0% |
| Deferred taxes | 168 | €80,726 | €76,690 | -€4,036 | -5.0% |
| Amounts payable | 17/49 | €369,656 | €202,938 | -€166,718 | -45.1% |
| Amounts payable after more than one year | 17 | €139,673 | €131,987 | -€7,686 | -5.5% |
| Financial debts | 170/4 | €139,673 | €131,987 | -€7,686 | -5.5% |
| Amounts payable within one year | 42/48 | €229,983 | €70,951 | -€159,032 | -69.1% |
| Current portion of amounts payable after more than one year | 42 | €7,356 | €7,686 | +€330 | +4.5% |
| Trade debts | 44 | €193,619 | €35,023 | -€158,596 | -81.9% |
| Suppliers | 440/4 | €193,619 | €35,023 | -€158,596 | -81.9% |
| Other amounts payable | 47/48 | €29,008 | €28,242 | -€766 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €21,846 | +€21,846 | |
| Other operating charges | 640/8 | €3,119 | - | -€3,119 | |
| Gross operating margin | 9900 | €1,882 | €15,568 | +€13,686 | +727.2% |
| Operating profit (loss) | 9901 | -€1,237 | -€6,278 | -€5,041 | -407.5% |
| Financial charges | 65/66B | €4,733 | €5,355 | +€622 | +13.1% |
| Recurring financial charges | 65 | €4,733 | €5,355 | +€622 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,970 | -€11,633 | -€5,663 | -94.9% |
| Transfer from deferred taxes | 780 | - | €4,035 | +€4,035 | |
| Profit (loss) for the period | 9904 | -€5,970 | -€7,598 | -€1,628 | -27.3% |
| Transfer from tax-exempt reserves | 789 | - | €7,839 | +€7,839 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,970 | €241 | +€6,211 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.